# Composite Institutional Openness Index

Index = mean(normalize(kaopen), normalize(financial_depth), eurozone_dummy)

Dependent variable: gross_assets_gdp

| Model                                | Sample       |    N |   Countries | Z_1                  | inst_index            | Z_1×inst             |     R² |
|:-------------------------------------|:-------------|-----:|------------:|:---------------------|:----------------------|:---------------------|-------:|
| Z_1 × inst_index                     | Full         | 5744 |         190 | 193.1107 (496.5732)  | 210.2496*** (39.7629) | 82.7789*** (23.3431) | 0.0356 |
| Tercile: Low institutional openness  | 79 countries |  870 |          34 | -191.6357 (482.9477) | —                     | —                    | 0.2399 |
| Tercile: Mid institutional openness  | 79 countries | 2431 |          78 | 22.2075 (74.9041)    | —                     | —                    | 0.1742 |
| Tercile: High institutional openness | 79 countries | 2443 |          78 | 507.9718 (1036.9288) | —                     | —                    | 0.0151 |